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http://hdl.handle.net/10419/58244
  

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dc.contributor.authorHillebrand, Martenen_US
dc.contributor.authorKikuchi, Tomooen_US
dc.date.accessioned2012-05-23en_US
dc.date.accessioned2012-06-04T11:26:37Z-
dc.date.available2012-06-04T11:26:37Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/58244-
dc.description.abstractWe study an exchange economy with overlapping generations of consumers who derive utility from consuming a non-durable commodity and housing. A banking sector offers loans to finance housing. We provide a complete characterization of the equilibrium dynamics which alternates between an expansive regime where housing prices increase and banks expand loans and a contractive regime associated with decreasing housing values and shrinking credit volume. Regime switches occur even under small but persistent income changes giving rise to large and recurrent booms and busts in housing prices not reflecting changes in fundamentals.en_US
dc.language.isoengen_US
dc.publisherKIT Karlsruheen_US
dc.relation.ispartofseriesWorking paper series in economics 40en_US
dc.subject.jelC62en_US
dc.subject.jelE32en_US
dc.subject.jelG21en_US
dc.subject.ddc330en_US
dc.subject.keywordOLGen_US
dc.subject.keywordHousing pricesen_US
dc.subject.keywordCredit volumeen_US
dc.subject.keywordBoom-bust scenariosen_US
dc.subject.keywordRegime switchingen_US
dc.subject.stwImmobilienpreisen_US
dc.subject.stwWohnimmobilienen_US
dc.subject.stwKrediten_US
dc.subject.stwImmobilienfinanzierungen_US
dc.subject.stwKonjunkturen_US
dc.subject.stwOverlapping Generationsen_US
dc.subject.stwDynamisches Gleichgewichten_US
dc.subject.stwTheorieen_US
dc.titleA mechanism for booms and busts in housing pricesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn716007320en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:kitwps:40-
Appears in Collections:Working Paper Series in Economics, Karlsruher Institut für Technologie (KIT)

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